jak szukać kredytu hipotecznego
Most Polish people who want to buy a house or flat in the UK, use the help of a bank. The high prices of properties mean that few people can afford to buy it solely from their own resources. Mortgages are offered by many institutions and on different terms, so choosing the best one is quite a challenge. Find out how to find cheap credit in the UK and how a Polish credit counselor can help you.

Who can apply for a mortgage to buy a house in the UK?

If you meet certain conditions you can apply for a mortgage in the UK. The most important thing for a potential borrower to demonstrate:
  • residence in the UK (preferably confirmed on the electoral roll),
  • permanent employment,
  • creditworthiness,
  • positive history of repayment of other liabilities.
Polish people can also apply for a mortgage in England if they have settled status.

Who provides the mortgage?

While in Poland mortgages for the purchase of property are dealt with mainly by banks, in the UK you can apply for them in many institutions, such as:
  • banks,
  • insurance companies,
  • lending institutions,
  • building societies,
  • building savings banks,
  • pension funds.
Every mortgage lending institution in England is subject to FCA supervision and must meet certain requirements to ensure the safety of customers.

What types of mortgage are available in the UK?

For most people, the most important thing is to simply choose a cheap loan in UK, because then you can count on lower interest and installments. In fact, choosing the right offer does not come down only to comparing the costs of taking out a debt in different institutions. There are several different types of mortgages on offer in the UK and you need to be able to match the offer to your needs in this respect too. Key mortgage options include:
  • first time buyer mortgage – this is a loan for people buying their first property in the UK, so the product most often used by Polish people living in the UK,
  • buy to let mortgage – this is a special loan for buying a rental property,
  • a remortgage is a refinance loan taken out in order to change the terms of a debt currently being repaid,
  • home mover mortgage – this loan is used by people who want to change their house or flat into another property and need additional funds for this purpose.

Paying off your mortgage – what are your options

When taking out a mortgage in the UK, you will also need to decide on the method of repayment. In Poland, such a commitment is settled simply in capital and interest instalments. In England it is also possible – just choose the so-called repayment mortgage. There is also a possibility to use the interest only mortgage option – in this case, you pay off the interest only, while you put money elsewhere for the capital, which after a certain period of the loan agreement is used to settle the principal part of the loan. Depending on where such funds are accumulated, we distinguish:
  • pension mortgage – money is put away in a retirement account,
  • ISA mortgage – capital is accumulated in a savings account,
  • endowment mortgage – in this case, the capital part is a life insurance premium.
Borrowers in the UK can also choose different forms of repayment, such as flexible repayment, which allows you to pay as much as you want rather than on a predetermined schedule. mortgage application

The advantage of a broker’s help over looking for an offer on your own

As you can see, choosing a mortgage in the UK involves a lot of decision making and requires a good knowledge of financial products. Searching for the right offer on your own can therefore be very difficult, especially for immigrants unfamiliar with the local banking market. If you want to take out a favorable and cheap loan in the UK, it is best to take the help of a professional broker. For Polish people, a great solution is a Polish credit counselor in England, who provides on-site services in their native language. His main task is to find the best offer in financial terms and corresponding to the specific needs of a given client and adjusted to his creditworthiness. Thanks to the fact that he has access to an extensive database of offers and experience in discussions with financial institutions, he can not only find the best loan, but also negotiate optimal terms and conditions on behalf of the client.

Decide on the support of our credit counselors!

Supreme Financial Solutions LTD FCA is a Polish broker in the UK, who has already helped many Poles fulfil their dream of owning their own property in the UK. Contact us and our specialists will choose the best mortgage for you and help you complete all the application formalities. If you don’t know if you can afford to take out a mortgage, you can find a creditworthiness calculator in England on our website – check it out for free or contact us directly and we’ll do the calculations and match you with a mortgage offer that suits your budget.


Małgorzata Kniaź - Supreme Financial Solutions LTD

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